Russia has tripled the discounts on its oil for India in exchange for India's purchase of gasoline from Russia – Reuters
Russian oil companies have sharply increased the discount on Urals crude for Indian refineries, from which they expect gasoline supplies to cover the shortage in the Russian domestic market.
Discounts on Urals crude at Indian ports have exceeded $10 per barrel relative to Brent, although just two weeks ago they stood at around $4, and were nonexistent from March through June. Compared to last summer, the discount has increased 3–10-fold due to weak demand from Indian refiners, the availability of alternative supplies, and a reduction in purchases by China.
Taking transportation costs into account, the total discount for India exceeds $20 per barrel, and according to Argus estimates, the Urals discount at western Russian ports reached $27 per barrel in early July, and the price fell to $40–41 per barrel.
Source: Reuters.
On July 1, Russia doubled the discounts on its oil for India in exchange for India’s purchase of gasoline from Russia – Reuters
Earlier, the Russian presidential administration sent special “recommendations” to state-run and pro-government media outlets regarding how exactly to report on the fuel shortage in the country.
Meanwhile, the fuel crisis in Russia is worsening: gasoline is running out at gas stations and lines are growing longer.
Russia has allowed the sale of lower-quality gasoline due to the fuel crisis.
